EFG Hermes Holding announced today the appointment of Aladdin Al-Afifi as the new CEO of its NBFI platform, effective 1 August 2022. With his appointment, Al-Afifi will assume the overall responsibility in leading the current EFG Hermes NBFI portfolio with the exception of the firm's Buy-Now, Pay-Later (BNPL) fintech platform valU, where he will become a non-executive board member representing the majority shareholder. Al-Afifi will also be responsible for growing the NBFI operations through the addition of new services — whether organically or through acquisitions. A holder of an MBA degree from Wharton School of the University of Pennsylvania, Al-Afifi boasts a track record of over 23 years with blue chip employers, including Goldman Sachs, Qalaa Holdings, and an earlier stint with EFG Hermes's investment banking team. His last post was managing director and co-CEO for Pharos Holding for Financial Investments, where he was instrumental in the creation of Egypt's first nano-lending fintech start-up Kashat. Al-Afifi also recently co-founded the Cairo-based real estate investment management and advisory business 46 Group. EFG Hermes firmly believes in the growth potential the NBFI vertical holds. Having started with just leasing in 2015, the firm has invested heavily in growing the platform to now include microfinance, factoring, mortgage, e-payments, and insurance. With the recent acquisition of Fatura by Tanmeyah, commitment to the business remains strong as Tanmeyah prepares for a future that is increasingly digital. With a strong leadership team, Al-Afifi is set to implement the firm's strategy while further institutionalising the business and readying it for potential monetisation when the conditions are right. "We are incredibly excited to be welcoming back an industry veteran like Al-Afifi, who will be a great addition to the EFG Hermes family. I believe Al-Afifi's experience and progressive mindset will be an asset to the next chapter of growth and diversification of the NBFI platform," said EFG Hermes Holding Group's CEO Karim Awad. "This vertical can witness further expansion and remarkable success through dedicated and forward-looking leadership. We are confident this trend will continue under Al-Afifi's stewardship."
